Japan to restart 11 stalled projects in Sri Lanka
Daily FT: The Japanese Ambassador to Sri Lanka, Mizukoshi Hideaki, affirmed that the Japanese Government is committed to fully supporting efforts to combat corruption and irregularities, a key priority of President Anura Kumara Dissanayake’s administration. He expressed readiness to continue close collaboration with Sri Lanka.
Ambassador Mizukoshi made these remarks during a meeting with the Secretary to the President Dr. Nandika Sanath Kumanayake, at the Presidential Secretariat on Thursday.
He further announced that work on 11 stalled projects funded by the Japanese Government will resume promptly.
Accordingly, these projects include the Kandy City Water Management Project, Phase II of the Bandaranaike International Airport (BIA) Development Project, the Terrestrial Television Broadcast Digitisation Project, the National Transmission and Distribution Network Development Project, Phase II of the Anuradhapura North Water Supply Project, the Rural Infrastructure Development Project, the Kalu Ganga Water Supply Project, and improvements to health and medical services.
Ambassador Mizukoshi stated that the agreement encompasses the swift completion of the first phase of the Habarana-Veyangoda transmission line project and the Anuradhapura North water supply project, both of which are nearing completion with Japanese assistance. He also highlighted the payments related to the recently finished Kelani Ganga new bridge construction project.
OSL take:
Sri Lanka’s development programme presents a host of new business/investment opportunities. The assurance by Japan to continue with the funding for 11 such projects has opened up opportunities for foreign businesses/investors. The projects being discussed between Sri Lanka and Japan present direct and indirect business opportunities for foreign entities. Given the magnitude of the projects, businesses could also look at supplying the required raw materials and the technical expertise for the projects as well. Given Sri Lanka’s target of becoming a regional hub, the country’s development programme would cover all key economic sectors as well. This also means that there could be more identified development projects beyond those being discussed with Japan for funding. Apart from exploring opportunities in the already identified development projects, foreign businesses/investors could also look at new development projects covering several identified economic sectors like power and energy, tourism, maritime. Foreign businesses/investors could partner with local consultancy firms or businesses to explore the emerging opportunities in these areas to formulate development projects that could be pitched to local authorities. With countries like Japan agreeing to fund projects, securing foreign funding for projects in Sri Lanka would not pose many difficulties.